Hi, and welcome to the Conference Call of the Q3 2025 for Wallenstam. My name is Susann Linde. I'm CFO here at Wallenstam. Here on the picture, you see our 200-year-old property in Central Göteborg, the Kochska building, where we have completely renovated it and are now nominated for the award in the category Facade of the Year 2024 Renovation. So, what has happened during this third quarter? We're taking possession of land in Forsåker in Mölndal, a part of the Forsåker Urban Development Project. Within the block, the construction of approximately 240 rental apartments is planned. On July the 3rd, we signed an agreement for the sale of our new production, Nacka Grace. You can see here on the picture. We agreed on a property value of SEK 1,822 million. The Folksam Group and KPA Pension will take possession of the property on the last of October this year.
We have also made a lot of buybacks of our own shares this year. During the Q3 , we repurchased five million shares. We have done this of the capital we received from our sales. We used that capital to repurchase our shares, which are at just over 20% discount. We have repurchased shares for an average price of approximately SEK 46 per share, and our net asset value is 59.7 as of this quarter. Speaking of net asset value, we revised our business plan for 2030 during this quarter. We have adjusted it from SEK 100 in net asset value per share to SEK 80 per share. The decision is a consequence of the changed external conditions that have taken place since the goal was set in 2022. We think it's important to have a strong balance sheet, which is why we will also increase the financial framework.
This means that the equity-to-assets ratio should be at least around 40% instead of the previous 35%. As before, half of our rental value is from residential and the other half from commercial, where the majority is offices. We continue to have a good occupancy rate of 96%, with residential units accounting for 100% and 90% for the commercial spaces. So, we see a stable demand for our products. This is thanks to our locations where we have our properties and the quality we have of our products. We now have over 300,000 people standing in our own housing queue. We are self-sufficient in renewable energy through our wind turbines, but we also work continuously to reduce energy use in our houses. Not much has happened since last quarter.
We are focusing on improving our energy classes, and 65% of the rental value has energy classes A to C, and it's slightly lower towards the end of the year due to the fact that we have vacated properties during the year and that Sergelskrapan has entered the portfolio, and there we will take energy-saving measures when we renovate that property. We have also started an energy-saving project of our properties in Råcksta, which consists of approximately 900 apartments, which will also lead to us improving Scope 2, which is also one of our climate goals. Let's start with the income statement. Our stable occupancy rate shows that our business is running very well, which we also see in the figures.
The net operating income for the three quarters increases by 6%, and we achieve a surplus ratio of 77% at the same level as the same period last year, but as usual, we go over to the next page and check in more detail. As I said, our NOI increased by 6%, SEK 102 million. Of that, the rental income increased by SEK 134 million, which is 6% up. In the comparable holdings, the residentials grow on average 4% and the commercials by 1.6% and create an increase of SEK 27 million. During these nine months, we have a net of one-time compensations of SEK 38 million because of compensation for early relocation, the same as last quarter. The net of new construction and large projects adds another SEK 68 million. The operating expenses are increasing by almost 6%, SEK 32 million, where 9 million of the increase is because of the completed new construction.
The increase of SEK 80 million in the comparable holding consists mainly because of increased property management than last year, but also because of tariff increases like earlier. Our energy-saving projects that we have carried out are now having an effect and reduce our electricity costs by approximately SEK 6 million and also lower energy prices with the same amount. But we can't see it here because of the higher decrease of tariffs and other things in the comparable holdings. So, in total, we recognize an NOI of plus SEK 102 million and amounts to SEK 1,788 million in total. We completed 139 apartments in the third quarter, a total of 621 apartments in all three quarters. This quarter, we have completed Kallebäcks Terrasser, Kvarter 6 . It is the last 139 apartments here, and now the entire project of 299 apartments is completely finished.
So now we have completed 1,500 apartments in this urban development project. And if we look at the income from property management, we recognize an increase of almost 14% and to an amount of just about SEK 1 billion, which is a record for this period. It's up by SEK 122 million. The administrative expenses on the total level is up by SEK 35 million. The increase is because, like last quarter, new IT systems and increased personal costs and also increased security costs. Here in the income from property management, it is also affected by the fact that last year we had a rebooking of project costs as a one-time adjustment of SEK 7 million. The net financial items show an improvement of 12% despite an increased average debt of SEK 2.9 billion than the same period last year.
The average interest rate during the period has been 2.52%, and it is almost 70 basis points lower than last year. During this Q3 the three-month STIBOR has gone down by almost 15 basis points, so the average interest rate on closing day is 2.44%. We have not done any new hedges during the quarter. We still have the volume of SEK 22 billion in interest rate derivatives, which means that 62% of the loan volume has fixed interest. The average fixed interest rate term is 41 months, and the ICR during the quarter is 2.7 times. Then we go to the value changes and start with the value changes in investment properties. They are SEK 740 million and are mainly an effect of higher NOI. And we have also completed new construction and sales. We haven't adjusted any direct yield requirements.
The value changes in financial instruments recognize an expense of SEK 207 million because of lower longer interest rates. But for this third quarter, the longer interest rate has gone up, so we recognize an income of SEK 159 million. This altogether gives us a total profit of SEK 1,240 million compared to last year's SEK 139 million. Then we move to the balance sheet. The balance sheet is still stable and reports an equity ratio of 43% and an LTV of 48%. The total value of the properties is SEK 70 billion. Investment properties in operation have a value of SEK 62 billion, and the value of projects in progress and land for future new construction has a value of SEK 7.5 billion. As I said before, we haven't changed the direct yield requirements. The effective yield requirement is on average 4.5% for the commercials and 3.7% for the residentials.
It has changed by 0.1 percentage units since last quarter because of both higher NOI and completed new construction. It was 4.6 and 3.6 last quarter. Our property value consists of 57% of residential properties and 43% of commercials. During these nine months, the net of property acquisitions and sales has affected by SEK 1.9 billion, and we have also invested in our properties, and here you can see how much. We have invested a total of SEK 1.5 billion in new and reconstruction, which is a little lower than last year, the same period. We have started one project this quarter, and we can see that on the next slide. We have started 178 apartments this quarter, and it's in our urban development project in Älta, Nacka.
There we have started another project of 178 apartments, which means that we have started the properties that will contribute to the new square in Älta, so now we have a total of 1,077 apartments in ongoing new construction, and we have started almost 400 apartments so far this year. If we end with the equity and liabilities, we have increased our interest-bearing liabilities by SEK 700 million since last quarter. They now sum up to SEK 33.6 billion, and we still have a stable balance sheet with an equity of 43%. Thank you very much for listening, and I hope you have a nice day. Thank you.